Just-In: Israeli Central Bank to Use Ethereum Tech For its CBDC Pilot
Bank of Israel, the Israeli Central Bank today announced they would use Ethereum blockchain technology for its CBDC pilot program, as reported by Bloomberg. The first trial for digital Shekel will be an internal pilot run as per the country’s financial daily Globes.
The deputy governor of the Israeli central bank Andrew Abir said that the digital shekel will pose no risk to the banking system and the only focus would be on making the payment system more robust. He explained,
“This is not going to eliminate the banks, no central bank would bring in a digital currency with such an aim. The banks are still an important part of any payments system that there will be. What we are talking about is a payments system.”
Abir said that Israel’s payment system is still years behind its European counterparts and CBDC could potentially change it. However, he also stressed that a working CBDC could take at least 5 more years to become a reality.
Countries Around the Globe Accelerate CBDC Program
Central Bank Issued Digital Currency has become the top priority of many developed nations around the globe especially looking at the progress of China in the field. China’s digital yuan is complete and currently under widespread trials across multiple provinces while a majority of other nations are still in the development phase. A couple of weeks before France and Switzerland started a combined cross-border trial for their respective CBDCs, while the Russian government has also announced it would start the trials from next year.
Ethereum has also become a growing choice for many institutions and countries owing to its ease of deployment and the freedom of customization. Recently, JP Morgan started its blockchain built on top of Ethereum as well.
- S&P Launches Crypto 50 Index But There’s A Catch
- NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up
- Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record
- XRP On-Chain Data Flashes Buy Signal as Analysts Target $4
- U.S. To Start Funding Its Bitcoin Reserve Anytime, Says Senator Lummis as BTC Rally Extends
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
